Units with five-year warrants sold through Roth Capital, Maxim Group
By Devika Patel
Knoxville, Tenn., Feb. 10 – Mast Therapeutics, Inc. said it priced an $8 million public sale of units. The offering was announced Tuesday.
The company will sell 29,090,910 units of one common share and one warrant at $0.275 per unit. Each whole warrant is exercisable at $0.42 for five years. The strike price is identical to the Feb. 9 closing share price.
Roth Capital Partners is the bookrunning manager.
Settlement is expected Feb. 16.
Proceeds will be used for clinical development programs, regulatory, manufacturing and other commercial-readiness activities, working capital and general corporate purposes.
The biopharmaceutical company is based in San Diego.
| Issuer: | Mast Therapeutics, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $8 million
|
| Units: | 29,090,910
|
| Price: | $0.275
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.42
|
| Bookrunner: | Roth Capital Partners
|
| Co-manager: | Maxim Group LLC
|
| Announcement date: | Feb. 9
|
| Pricing date: | Feb. 10
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| Settlement date: | Feb. 16
|
| Stock symbol: | NYSE: MSTX
|
| Stock price: | $0.42 at close Feb. 9
|
| Market capitalization: | $37.39 million
|
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